SVB Financial files for bankruptcy
SVB Financial has announced that it has filed for bankruptcy in New York to ‘protect its value’ while evaluating its strategic options.
On the other hand, it was stated that the funds of SVB Securities, SVB Capital and their general partner organizations will not be included in the bankruptcy filing.
SVB, the 16th largest bank in the US, often provided financing to startups and venture capitals.
The Fed launched an investigation into the bank’s supervision
The US Federal Reserve (Fed), in a statement on March 14, announced that it would investigate the supervision of the bankrupt Silicon Valley Bank.
In the statement made by the Fed, it was stated that the result of the examination, which will be conducted under the leadership of Michael Barr, Vice President of Financial Institutions, will be published on May 1.
On the same date, the European Union (EU) announced that the Silicon Valley Bank (SVB) has a very limited presence at the Union level. Valdis Dombrovskis, Senior President of the EU Commission, stated that they do not expect the SVB bankruptcy to spread to EU countries.
